Why do pending home sales fall through?
A sale that is “under contract” means an agreement has been made between the seller and buyer, but the sale is still subject to contingencies. In a “pending sale,” contingencies have lapsed, and the deal is near closing. A pending sale can still fall through if there’s an issue with financing or the home inspection.
Do pending sales ever fall through?
The sale typically can’t go through until any liens or title issues are resolved, and this can be time-consuming. A buyer may decide they don’t want to wait and let the pending sale fall through.
What is US pending home sales?
The Pending Home Sales Index (PHSI) is a monthly housing market index released by the National Association of Realtors. The PHSI shows the number of sales in which a contract has been signed, but the transaction hasn’t yet closed; the closing process can take up to two months.
Which leading housing indicator is a forward looking indicator based on contract signings?
nar. realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, fell 5.7% to 109.5 in January. Year-over-year, transactions decreased 9.5%. An index of 100 is equal to the level of contract activity in 2001.
Why would a house be pending for months?
There are a lot of mundane reasons a pending offer can just sit in limbo for months on end. Those include things like inspections, or a delay with the survey, appraisal, or even the homeowner insurance.
Whats the difference in pending and contingent?
Both terms mean that the seller has already accepted an offer, however the difference lies in how far along the home is in the sale process: Pending: A pending home indicates that all contingencies have been met by the prospective buyer. Contingent: A home listed as contingent still has certain contingencies open.
What is the difference in pending and contingent in real estate?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
What does pending mean in the real estate business?
Sale pending (or “offer pending”) simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn’t the sort of situation where you can simply opt to outbid all the other buyers – it’s already past that point.
Why would a house be pending for 2 months?
What does pending on Zillow mean?
When your real estate listing goes from “active” to “pending,” it means you’ve accepted an offer, but the sale hasn’t closed yet. (You’ll also hear real estate agents use the phrase “under contract” for this post-offer, pre-close time period, too).